Scandinavian Working Papers in Economics
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Bank of Finland Research Discussion Papers, Bank of Finland

No 22/2001:
Stock exchange alliances, access fees and competition

Oz Shy and Juha Tarkka ()

Abstract: This paper investigates the market consequences of alliance formation among stock exchanges. These alliances enable brokers to match investors internationally at their local market, thereby eliminating the need for brokers to maintain memberships in foreign stock exchanges. We sort out the conditions under which alliance formation increases profits for stock exchanges and brokers, and how changes in fee structures affect investors’ participation rates and welfare. Finally, we examine several methods for implementing access fees and their welfare implications.

Keywords: stock exchange alliances; access fees; competition among stock exchanges; (follow links to similar papers)

JEL-Codes: G20; (follow links to similar papers)

42 pages, October 9, 2001

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